Net profit in the quarter ended 31 March 2014 surged 99% year-on-year to MYR71.09m ($22.06m).
Revenue climbed 74% to MYR407.25m with strong contribution from the company’s core shipbuilding segment, which saw an increase in the number of vessels delivered over the quarter.
A significant portion of the increase in shipbuilding revenue was attributed to the progressive recognition of revenue derived from the sale of platform supply vessels (PSVs), which contributed MYR229.3m or 60% of the group’s total shipbuilding revenue in the first quarter.
“We are in the throes of a booming offshore marine upcycle, as evident by our win of seven vessels worth over $110m to-date. Buoyed by strong order wins, we have a healthy orderbook of approximately MYR1.4bn through till 2016,” said Tiong Su Kouk, executive chairman of Nam Cheong.
The group’s vessel chartering segment saw a climb of 274% to MYR24.1m from MYR6.4m over the same period, following the expansion of its chartering fleet since the first quarter of 2013.
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